A 
1,631
+1.05%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥54.13bn
FY2017FY2026
Net income
¥2.31bn
FY2017FY2026
Free cash flow
−¥3.04bn
FY2017FY2026
Shareholders' equity
¥10.01bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥54.13bn | ¥52.37bn | ¥42.07bn | ¥36.24bn | ¥31.61bn | ¥30.53bn | ¥27.41bn | ¥29.64bn | ¥23.28bn | ¥14.58bn |
| Gross profit | ¥10.52bn | ¥10.65bn | ¥8.46bn | ¥6.60bn | ¥6.11bn | ¥5.51bn | ¥5.24bn | ¥6.26bn | ¥4.64bn | ¥2.38bn |
| Research and development | — | — | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | — | — | — |
| Operating income | ¥4.12bn | ¥3.95bn | ¥2.73bn | ¥1.60bn | ¥1.50bn | ¥978.1m | ¥921.5m | ¥1.59bn | ¥1.14bn | ¥291.2m |
| Net income | ¥2.31bn | ¥2.35bn | ¥1.64bn | ¥961.3m | ¥826.2m | ¥595.1m | ¥327.6m | ¥736.8m | ¥611.7m | ¥148.8m |
| Diluted earnings per share | 313.84 | 309.55 | 211.71 | 128.49 | 119.80 | 87.45 | 48.15 | 108.28 | 82.48 | 23.81 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥46.13bn | ¥39.31bn | ¥26.89bn | ¥20.52bn | ¥17.04bn | ¥17.65bn | ¥15.22bn | ¥13.66bn | ¥14.59bn | ¥3.97bn |
| Cash and short-term investments | ¥9.78bn | ¥8.85bn | ¥5.49bn | ¥5.88bn | ¥5.41bn | ¥3.77bn | ¥3.11bn | ¥3.44bn | ¥3.83bn | ¥2.31bn |
| Total liabilities | ¥36.09bn | ¥30.95bn | ¥20.74bn | ¥15.92bn | ¥13.29bn | ¥13.80bn | ¥11.32bn | ¥11.06bn | ¥12.69bn | ¥2.70bn |
| Debt | ¥29.99bn | ¥25.19bn | ¥16.08bn | ¥11.99bn | ¥9.49bn | ¥10.98bn | ¥7.85bn | ¥8.00bn | ¥10.48bn | ¥1.40bn |
| Shareholders' equity | ¥10.01bn | ¥8.34bn | ¥6.13bn | ¥4.59bn | ¥3.73bn | ¥3.84bn | ¥3.89bn | ¥2.59bn | ¥1.90bn | ¥1.27bn |
| Shares outstanding | 7m | 8m | 8m | 7m | 7m | 7m | 7m | 7m | 7m | 6m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥458.6m | ¥58.5m | −¥977.0m | ¥2.28bn | ¥4.10bn | −¥1.24bn | ¥1.61bn | ¥4.25bn | ¥1.22bn | ¥1.91bn |
| Capital spending | −¥3.49bn | −¥5.43bn | −¥3.28bn | −¥4.03bn | −¥1.48bn | −¥1.29bn | −¥1.20bn | −¥1.72bn | −¥1.36bn | −¥1.24bn |
| Free cash flow | −¥3.04bn | −¥5.37bn | −¥4.25bn | −¥1.74bn | ¥2.62bn | −¥2.53bn | ¥410.8m | ¥2.54bn | −¥143.0m | ¥668.0m |
| Dividends paid | −¥748.7m | −¥255.4m | −¥151.0m | −¥129.0m | −¥92.7m | −¥51.7m | −¥170.1m | −¥114.0m | −¥31.0m | −¥30.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥15.84bn | ¥14.32bn | ¥13.02bn | ¥10.94bn | ¥15.61bn | ¥11.63bn | ¥10.10bn | ¥15.04bn |
| Gross profit | ¥3.39bn | ¥2.66bn | ¥2.46bn | ¥2.02bn | ¥3.29bn | ¥2.40bn | ¥1.78bn | ¥3.17bn |
| Operating income | ¥1.74bn | ¥1.03bn | ¥891.3m | ¥460.4m | ¥1.48bn | ¥655.8m | ¥211.1m | ¥1.59bn |
| Net income | ¥1.07bn | ¥558.2m | ¥477.9m | ¥211.2m | ¥950.7m | ¥387.8m | ¥64.3m | ¥947.7m |
| Diluted earnings per share | 144.56 | 75.76 | 62.94 | 27.81 | 125.20 | 51.07 | 8.31 | 122.48 |
| Cash from operations | ¥874.0m | — | — | — | — | — | — | — |
| Capital spending | −¥550.0m | — | — | — | — | — | — | — |
| Free cash flow | ¥324.0m | — | — | — | — | — | — | — |
| Total assets | ¥46.13bn | ¥46.72bn | ¥42.04bn | ¥41.58bn | ¥39.31bn | ¥36.72bn | ¥33.24bn | ¥30.56bn |
| Cash and short-term investments | ¥9.78bn | ¥8.96bn | ¥7.83bn | ¥7.03bn | ¥8.85bn | ¥6.33bn | ¥5.77bn | ¥6.43bn |
| Debt | ¥16.35bn | ¥15.05bn | ¥28.57bn | ¥13.43bn | ¥25.19bn | ¥12.27bn | ¥21.55bn | ¥8.29bn |
| Shareholders' equity | ¥10.01bn | ¥8.93bn | ¥8.38bn | ¥7.80bn | ¥8.34bn | ¥7.31bn | ¥6.91bn | ¥6.82bn |
Financial ratios
Data as of 28 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 19.4% | 20.3% | 20.1% | 18.2% | 19.3% | 18.1% | — |
| Operating margin | 7.6% | 7.5% | 6.5% | 4.4% | 4.7% | 3.2% | — |
| Net margin | 4.3% | 4.5% | 3.9% | 2.7% | 2.6% | 1.9% | — |
| Return on equity | 23.1% | 28.2% | 26.7% | 21.0% | 22.1% | 15.5% | — |
| Return on assets | 5.0% | 6.0% | 6.1% | 4.7% | 4.8% | 3.4% | — |
| Free cash flow yield | 28.5% | 38.4% | 15.8% | 44.9% | 43.1% | 0.4% | — |
| Revenue growth | 3.4% | 24.5% | 16.1% | 14.7% | 3.5% | 11.4% | — |
| Earnings growth | -1.6% | 43.5% | 70.4% | 16.4% | 38.8% | 81.6% | — |
| Current ratio | 0.62x | 1.82x | 2.48x | 1.75x | 2.03x | 2.77x | — |
| Debt to equity | 1.63x | 3.02x | 2.62x | 2.61x | 2.54x | 2.86x | — |
| Equity ratio | 21.7% | 21.2% | 22.8% | 22.4% | 21.9% | 21.8% | — |
| Interest coverage | 7.29x | 11.76x | 15.72x | 12.33x | 11.64x | 9.07x | — |
| R&D as a share of sales | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | 3.0% | 1.9% | -3.4% | -8.5% | -1.3% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 14.3% | 12.1% | 18.6% |
| Operating income | 37.0% | 33.4% | 36.5% |
| Net income | 34.0% | 31.2% | 35.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 19.9% | 19.6% | 19.4% | 19.4% |
| Operating margin | 7.6% | 6.7% | 6.0% | 5.4% |
| Net margin | 4.4% | 3.9% | 3.5% | 3.0% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 5.4 | 7.5 | 10.9 | 5.8 | 4.8 | 6.3 | 16.3 | 11.2 | 9.7 | 34.5 |
| Price to sales | 0.2 | 0.3 | 0.4 | 0.1 | 0.1 | 0.1 | 0.2 | 0.3 | 0.3 | 0.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 11 years. Last went ex-dividend on 27 Jun 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 92.00 | 22.00 | 19.00 | 13.60 | 7.58 | 25.00 | 16.50 | 5.00 |
- 2-for-1 split · 23 Apr 2018
- 2-for-1 split · 29 Mar 2016
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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